The Global Medical Robotic System Market, by Product Type (Instruments & Accessories and Medical Robotic Systems), by Medical Robotic Systems (Surgical Robots (Orthopedic Robotic Systems, Neurosurgery Robotic Systems, General Laparoscopy Robotic Systems, and Robotic Catheters/ Steerable Catheters), Rehabilitation Robots, Non-invasive Radiosurgery Robots (CyberKnife Robotic Radiosurgery Systems, TrueBeam STx Radiosurgery Systems, and Gamma Knife Perfexion Radiosurgery Systems), Hospital & Pharmacy Robots, and Others), by End User (Hospital, Pharmacy, Rehabilitation Center, and Home Care Setting), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 6,816.4 million in 2016 and is projected to exhibit a CAGR of 14.8% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increasing demand for minimal invasive surgeries coupled with advancements in technology, as well as the wide range of application offered by robotic systems are expected to boost growth of the medical robotic systems market over the forecast period.
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Manufacturers are focusing on innovation and new launches to tap into emerging markets. For instance, Intuitive Surgical, announced on May 2017, that the company’s new da Vinci X Surgical System received U.S. Food and Drug Administration (FDA) approval, aiming to provide surgeons and hospitals access to some of the most advanced robotic-assisted surgery technology at low costs. Also, Stryker launched MAKO Robotic-Arm for knee anthroplasty in March 2017. In October 2017, the Senhance system, which is a robotically assisted surgical device that can be used in laparoscopic colorectal and gynecologic surgery, manufactured by TransEnterix Surgical, Inc., received U.S. FDA approval. Efforts are in line to make medical robotic systems more cost-effective and diverse in function.
Furthermore, increasing adoption of the medical robotic systems is improving the position of manufacturers in the market. Intuitive Surgical, is consistently improving its robotic system by application of advanced technology.
Browse 33 Market Data Tables and 34 Figures spread through 160 Pages and in-depth TOC on Medical Robotic System Market, by Product Type (Instruments & Accessories and Medical Robotic Systems), by Medical Robotic Systems (Surgical Robots (Orthopedic Robotic Systems, Neurosurgery Robotic Systems, General Laparoscopy Robotic Systems, and Robotic Catheters/ Steerable Catheters), Rehabilitation Robots, Non-invasive Radiosurgery Robots (CyberKnife Robotic Radiosurgery Systems, TrueBeam STx Radiosurgery Systems, and Gamma Knife Perfexion Radiosurgery Systems), Hospital & Pharmacy Robots, and Others), by End User (Hospital, Pharmacy, Rehabilitation Center, and Home Care Setting), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) – Global Forecast to 2025
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Technological advancements in healthcare industry are offering wide variety of solutions to end-users for delivering better outcomes. Key players in the market are focused on collaborations to strengthen their product portfolio related to medical robotic systems. For instance, Globus Medical acquired KB Medical, a robotic company based in Switzerland, in August 2017. This acquisition bolstered the product portfolio and intellectual property of Globus Medical. Stryker Corporation in September 2013, acquired Mako Surgical Corp, and its robotic surgery platform for around US$ 1.65 billion. This acquisition helped Stryker to use the company’s own implants with Mako’s surgical system, thus boosting the system’s adoption in the market. Zimmer Biomet also entered the surgical robotic market by purchasing around 59% of the outstanding share capital of a French company, Medtech SA, in July 2016. Medtech SA is a developer and manufacturer of ROSA robotic devices, used for neurological and spine procedures, which received FDA approval in January 2016.
Furthermore, Johnson & Johnson announced the formation of Verb Surgical Inc., in collaboration with Verily Life Sciences LLC, in March 2015. Verb Surgical aims to develop a comprehensive surgical solutions platform to improve access to minimal invasive surgery.
However, high costs associated with medical robotic systems are expected to restraint growth of the medical robotic systems market, especially in emerging economies such as India, Brazil, and Argentina.
Key Takeaways of the Market:
- The global medical robotic systems market is expected to exhibit a CAGR of 14.8% over the forecast period (2017–2025), owing to increase in the aging population. The Asia Pacific region is expected to exhibit a high growth rate, in terms of value, over the forecast period.
- Among medical robotic systems type, the surgical robotic systems segment is expected to be the largest segment, exhibiting a significant CAGR of 18.3% over the forecast period
- The global medical robotic systems market is characterized by market expansion in Asia Pacific, North America, and Europe, which is expected to generate higher market revenue due to increasing prevalence of disabilities among the populace in these regions.
Some of the major companies operating in the medical robotic systems market are Intuitive Surgical, Transenterix, Medrobotics, Verb Surgical, Hansen Medical, MEDTECH, Titan Medical, Microbot Medical, Aethon, and Aesynt.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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